MIT spinout Nano-C has received a final $3m tranche from angel investor Ray State, closing its latest round at $11.5m.
Nano-C, a US-based developer of nanostructured carbon spun out from Massachusetts Institute of Technology, closed an $11.5m funding round on Wednesday after obtaining a $3m final tranche from angel investor Ray Stata.
The spinout has not revealed the identity of the other investors or disclosed when it achieved the first close.
Founded in 2001, Nano-C is developing nanostructured carbon – materials such as nanotubes, spherical forms called fullerenes and their chemical derivatives – for energy and electronics applications.
The spinout will use the cash to grow its customer support, implement an initial increase in manufacturing and hire additional staff at its factory in Massachusetts. Stata will join the board as an observer.
The company’s clients include Irresistible Materials, a UK-based semiconductor technology spinout from University of Birmingham that is using Nano-C’s products to enable smaller and lighter chips than are possible with current approaches.
Nano-C previously obtained $3.3m in 2006 and $500,000 in 2007, according to regulatory filings. Fontinalis Partners injected $3m in 2012.
Viktor Vejins, president and chief executive of Nano-C, said: “All of our customers are positioned to become leaders in their industries because they can leverage the power of our material solutions, which are vital to their success.
“We are excited that Ray will join the board as an observer. We look forward to his advice and guidance as we continue to grow our business.”
